Egypt's external debt down by 8.43 pct in Dec.-May
Egypt's external debt shrank by 14.17 billion U.S. dollars or 8.43 percent in May compared to December 2023, the State Information Service (SIS) revealed Monday, Xinhua reports.
The external debt stood at 153.86 billion dollars by the end of May following the sharpest five-month decline in the country's history, the SIS said in a statement, citing an unnamed high-ranking official from the Egyptian central bank.
The statement said Egypt's net international reserves recorded an all-time high of 46.38 billion dollars in June, while the net foreign reserves balance is sufficient to cover the value of imports for 7.9 months, exceeding the internationally recognized minimum period for payment security.
In June, the central bank's net foreign assets turned from a deficit to 10.3 billion dollars in surplus, compared to a deficit of 11.4 billion dollars in January, the official noted.
In March, the central bank liberalized exchange rates of the Egyptian pound to foreign currencies in an attempt to alleviate an already ailing economy.
